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  "documentTitle": "General Growth Properties (GGWPQ)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
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  "presentationDate": "2009-05-27 00:00:00",
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  "notes": "The slide uses a standard REIT valuation bridge to arrive at an implied cap rate.",
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      "text": "(1) Includes 23mm share issuance on 5/12. Includes diluted shares as detailed on pg. 8 of Simon's operating supplement. (2) Numbers as reported in pro-rata balance sheet. (3) Includes $600mm senior note issuance on 5/12. (4) Includes proceeds from 23mm share issuance and $600mm senior note issuance, net of 3% fees. (5) Excludes goodwill. (6) Applies 25% discount to Simon's share of U.S. CIP (page 41 of operating supplement). (7) Applies 25% EBIT margin to LTM fee income of $130mm and a 13.0x EBIT multiple. (8) Excludes mgmt income. Adjusts for non-cash revenue items such as straight-line rent and FAS 141. NOI calculation deducts interest income and land sale gains from other revenue to be apples to apples with GGP.",
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      "text": "SIMON PROPERTY GROUP",
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      "text": "Implied Cap Rate: 8.4%",
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      "kind": "table",
      "text": "Share Price (as of 5/26/09) $51.32; Shares & Units (1) 343; Market Cap $17,598; Pro Rata for JVs: (2); Plus: Total Debt (3) 24,172; Plus: Preferred Debt 276; Plus: Other Liabilities 1,983; Less: Cash (4) (2,847); Less: Other Assets (5) (2,285); Less: Development Pipeline (6) (256); TEV 38,641; Less: Mgmt Business (7) (423); Value of Simon's REIT 38,218; LTM Cash NOI (8) $3,211; Implied Cap Rate 8.4%",
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      "kind": "title",
      "text": "Simon Trades at an 8.4% Cap Rate",
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